Features of Laissez-Faire Capitalism

Running head: CAPITALISM
CAPITALISM
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1CAPITALISM
The aim of this paper is to discuss capitalism to be the economic and social system. It
is based on the private ownership in the means of production and the operations for the
business profit. Some of the main features of capitalism include, competition, free market and
self-reliance which are marked by private property, wage labor, accumulation, price system
and the competitive international markets. In the capitalist market economy, the decision
making process and investment have been determined by the owners of wealth and property
along with production abilities in the capital and financial markers although the distribution
of goods and process are controlled by the competition in the goods and services markets.
This paper will be discussing different features of capitalism especially focusing on the
Manchester capitalism or laissez-faire capitalism and its effect on the economy.
In order to understand the actual features of the capitalistic markets, the economists,
sociologists, historians and political economists have adopted various perspectives. In their
analysis of capitalism have predictable of different forms of the practice of capitalism. These
theories and perceptions include free market capitalism, state capitalism and welfare
capitalism (Berend, 2016). There different types of capitalism features in different degrees of
free markets and the public ownerships, difficulties to the free competition among the
business organization and the state sanctioned social policies. These different models of
capitalism has marked different types of intervention, regulation, scopes of the state
ownerships and most importantly, the degree of competition in the market (Krieger &
Meierrieks, 2016). To the extents of the markets being free and the rules properly defining
the private properties are the matters of the policies and politics. Most of the existing
capitalist countries have mixed economies that combine the elements of the free markets with
the state interventions as well as to some cases the economic planning.
Among all the types of capitalism present in the world, the Manchester capitalism or
laissez-faire capitalism has gained more popularity in the world. This particular theory